Homework on High Availability - Questions

Blockchain and Bitcoin 101
#101

  1. Mission critical industries need to be always online and available. It is important for the economy for a network to have high availability.

  2. High availability is enabled through incentives. Miners participate in the blockchain network to make money. The more participants, the higher the availability of the network.

#102

1.Why is it important for blockchain networks to be high availability networks?
Because they are global in nature enabling global transactions.

2.What is it that enables blockchain networks to have such high availability?
Financial incentives (e.g. mining).

#103

  1. To be a successful store of value and method of transaction it has to be available ALWAYS.

  2. Being a globally distributed ledger and miners being paid to protect the network.

#104

1- because there are people who need and have to use it all the time. for example if someone is using a blockchain application and all of his medical information and history is stored in a blockchain and some day he got in an accident and the he went to the hospital he needs an immediate access to his data, and if the system is down or slow as in many regular databases, in some cases he could die!. so sometimes it’s a life or death situation, and sometimes it’s just a guy that want’s to transfer money to his son in a foreign country but he doesn’t want to wait 3-5 days!.

2- Mining which is made by people, and the incentive the makes them always want to mine is Money, which is one of the best incentives for anything.

#105
  1. Because of the trustlessness of the networks, high availability is critical. You want to be able to perform your transactions anytime from anywhere in the world.
  2. Incentives, particularly from Mining. Everybody loves to make money so this unites everyone in the whole world with the blockchain.
#106

  1. Why is it important for blockchain networks to be high availability networks?
    To cater for demand and provide a high level of security for the network.

  2. What is it that enables blockchain networks to have such high availability?
    Incentivisation - If the incentives are high enough, more nodes will be created to support the network and increase its decentralisation.

#107

  1. So that transactions can always be transacted 24/7 365 without worry.

  2. Incentivized through mining.

#108

1 High available networks brings high value project that require no down time
2 Money, Greed and miners

#109

  1. High (100%) availability is one of the major selling points of blockchain. A high availability means that the network is running at all times, so that transactions can happen even when the traditional systems are offline. Continuous runtime ensures security.

  2. The incentives for miners make it worthwhile to run the nodes nonstop. The more miners join the network the higher the security and mining difficulty becomes, if, due to any reason, a portion of the network shuts down, the difficulty drops, thus, increasing the incentive for new miners to join the network. The new miners will bring up the security again. This balance of profitability ensures a certain stability of the network. Also the global infrastructure means that regional events have only only minor influence on the network.

#110
  1. Any global network must be available at all times.
  2. Mining and the incentives.
#111

  1. Because global transactions are happening 365/7/24 …

  2. incentives on making money by miners !

#112

Homework on High Availability - Answers

  1. Why is it important for blockchain networks to be high availability networks?
    Because the blockchain is a global network. The world is alive 24/7/365. People
    transact business all the time. The decentralized network must be available all
    time.

  2. What is it that enables blockchain networks to have such high availability?
    The decentralized nature of the nodes and miners means in so many different places
    and timezones there are nodes running the blockchain.

#113

1.it is valuable to have a network that can authoritatively verify transactions 24-365 fast enough to be useful in ways I don’t think were possible prior to bitcoin.

  1. economic incentives ensure that someone will always be participating on the network as long as it is profitable to do so.
#114

Why is it important for blockchain networks to be high availability networks?

Because it is used globally, not only as a currency, but other useful applications are built on top of it.

What is it that enables blockchain networks to have such high availability?

Incentives - miners receive incentives (money) to create new blocks. If a part of the network dies, then other computers/miners will join the network. Everyone wants to make money!!!

#115

  1. Its imperative for Blockchain networks to be high availability networks in order to be useful. Otherwise, it will fail miserably as an unreliable network.

  2. The high availability enablers are rewards to incentivise players to keep the network running.

#116

  1. It is important for blockchain networks to be highly available to provide secure and global infrastructure for non-stop transacting and reliable access and use of the database

  2. Financial incentives for mining and securing the network make blockchain networks highly availabable. People want to make money from mining or transacting and that keeps network up and running 24/7/365

#117

Why is it important for blockchain networks to be high availability networks?
BTC Blockchain users are centivized to maintain the network with a high availability (active 24hrs, 365days per year) to maintain the perceived value of the BTC network. If there is no perceived value - incentive - there would be no incentive to maintain the value of BTC blockchain network. So through incentives the network is maintained with a high availability rate.

What is it that enables blockchain networks to have such high availability?
As the number of blockchain users increases the level of difficulty to maintain the availability of the network increases reducing the incentive for the mining community to maintain the blockchain network. Should a potion of the network become disabled - goes off line - this reduces the the overall mining difficulty encouraging new miners to entry the network to maintain the networks availability. And so miners are incentivized to maintain the blockchain network with a high level of availability.

#118
  1. Why is it important for blockchain networks to be high availability networks?
    Because they’re public and global and therefore need to work 24/7.
  2. What is it that enables blockchain networks to have such high availability?
    The economic incentives for mining, which adapt to the dynamic environment.
#119

  1. Why is it important for blockchain networks to be high availability networks?

  2. What is it that enables blockchain networks to have such high availability?

  3. Because in order for the network to be up and running 24/7365. To never shut down.

  4. Incentives provided for people to have their equipment available.

#120
  1. its important because its available 24/7/365 globally
    2.incentives